Silver prices rose over dollar weakness due to US inflationary pressure amidst worries over Middle-East unrest and rising Japanese nuclear crises taking the metal again to risk aversion tag. After two days of indecision, marked by dojis, the silver bulls regained the upper hand. A bullish profile will not emerge until the metal is able to break back above Tuesday's open of 53500, something we will be watching closely for next week. The weekly chart provides little for direction, though suggests that the silver rally lost momentum this week. Support lies at 52800, while resistance lies at 53800. Now technically market is trading in the range as RSI for 18days is currently indicating 63.38, where as 50DMA is at 48513.18 and silver is trading above the same and getting support at 53056 and below could see a test of 53001 level, And resistance is now likely to be seen at 53153, a move above could see prices testing 53195.

Trading Ideas:

Silver trading range is 53001-53195.

Silver prices rose over dollar weakness due to US inflationary pressure amidst worries over Middle-East unrest

Silver is having resistance at 53380 and support at 52800 level.

Holdings at ishares silver trust rose by 15.18 tonnes to 10960.39.